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TMI BlogSECTION 44AA (Audit Reqired)X X X X Extracts X X X X X X X X Extracts X X X X ..... DEAR EXPERT If we are maintaIn Books of Account as per Income Tax Act section 44AA and our Books profit Show less Than 8 percent can audit reqeired. (as per 44AB ) pls advice thanks - Reply By Shailesh Doshi - The Reply = You have not specified as to whether you are covered u/s 44AD .. If you are excluded by virtue of Section 44AD then you need not get your accounts audited so lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng as you are not exceeding the limit prescribed u/s 44AB . You are required to get your accounts audited if (a) you claim that your profit from the eligible business is less than 8 percent and (b) your income exceeds thresold limit. Eligible assessee and Eligible business are defined in Explanation to Section 44AD . - Reply By MAYUR DODIYA - The Reply = Thank you for the reply sir . Si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r we are traders and our profit not more than 8 percent and our F.Y.2012-13 Total turnover Less than 1 Cr and we are maintain all Books of Account as per section 44AA. in that the case can Audit Required.? - Reply By Shailesh Doshi - The Reply = If you are showing net profit at a lesser percentage than stipulated and if your total income doesn't exceed taxable limit then you are not r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equired to undergo tax audit u/s 44AB. Both the conditions are to be cumulatively satisfied. - Reply By DEV KUMAR KOTHARI - The Reply = In case profit or gains computed under the head 'business' after considering all deductions and adjustments like depreciation, weighted deductions, S. 40.a.ia adjustments, S. 43B adjustments, etc. is less than prescribed percentage and assessee and the busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness is eligible, then audit is required. - Reply By CA GOPALJI AGRAWAL - The Reply = Only partnerships firm having NIL or negative income in this case are not liable for tax audit. - SECTION 44AA (Audit Reqired) - Query Started By: - MAYUR DODIYA Dated:- 30-12-2013 Income Tax - Got 5 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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